WUS(002463) KAIYUAN SECURITIES·2024-10-09 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to benefit significantly from the high demand in AI business, leading to substantial year-on-year growth in Q3 2024 [3] - The projected net profit for the first three quarters of 2024 is estimated to be between 1.821 to 1.871 billion yuan, representing a year-on-year increase of 91.05% to 96.29% [3] - The company maintains its profit forecast for 2024-2026, with expected net profits of 2.515 billion, 3.291 billion, and 3.855 billion yuan respectively [3] Financial Performance Summary - For Q3 2024, the expected net profit is between 680 to 730 million yuan, showing a year-on-year increase of 47.67% to 58.53% and a quarter-on-quarter increase of 8.62% to 16.61% [3] - The expected operating revenue for 2024 is projected to be 12.034 billion yuan, with a year-on-year growth of 34.6% [7] - The company's gross profit margin is expected to improve from 31.2% in 2023 to 34.6% in 2024 [7] Production Capacity and Incentives - The first phase of the Thailand production base is expected to begin trial production in Q4 2024, with customer certification and product introduction underway [6] - The company has announced a stock option incentive plan, granting 30 million options to 626 individuals, reflecting confidence in future development [6]